Collective bargaining agreement in Mainz
Public banks pay employees more money
October 11, 2024, 3:20 p.m
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The third round brings agreement. A good 60,000 employees at state and development banks will receive more money in three steps. The biggest sip will be next month.
The conflicting parties have reached an agreement in collective bargaining for employees of public banks. From November 1st, salaries will rise in three stages by a total of 11.5 percent, as the Verdi union and the industry association VÖB announced. The junior employees receive a total of 350 euros more per month. After several strikes, Verdi and the Federal Association of Public Banks (VÖB) agreed on the collective agreement in the third round in Mainz late on Thursday evening.
On November 1st, salaries will increase by 6 percent, on November 1st, 2025 by a further 2.8 percent and on November 1st, 2026 by another 2.7 percent. At the beginning of the negotiations, Verdi demanded 12.5 percent more salary, but at least 500 euros per month. The Verdi Tariff Commission recommends that Verdi members accept the outcome of the negotiations. Members can vote on it until the end of October.
The collective wage agreement runs until January 31, 2027. Around 60,000 employees from 63 institutions, including the state banks and the federal and state development banks, are covered by the collective bargaining round of the public banks.
“In view of the high inflation values of the last few years, there is now finally noticeable financial relief for employees at public banks,” said Verdi negotiator Jan Duscheck. “Our negotiation result makes a significant contribution to ensuring that public banks remain attractive employers – throughout their entire career from the start,” explained VÖB Managing Director Dominik Lamminger.